A zinc oxide varistor comprising ZnO as a main component and several kinds of metallic oxides including Bi.sub.2 O.sub.3, CoO, Sb.sub.2 O.sub.3, Cr.sub.2 O.sub.3, and MnO.sub.2 as other components has a high resistance to surge voltage and excellent non-linearity with respect to voltage. Therefore, it has been generally known that the zinc oxide varistor is widely used as an element for a gapless arrestor in place of conventional silicon carbide varistors in recent years.
For example, Japanese Laid-open Patent Publication No. 62-101002, etc., disclose conventional methods of preparing a zinc oxide varistor. The aforesaid prior art reference discloses as follows: first, to ZnO as a main component are added metallic oxides such as Bi.sub.2 O.sub.3, Sb.sub.2 O.sub.3, Cr.sub.2 O.sub.3, CoO, and MnO.sub.2 each in an amount of 0.01 to 6.0 mol % to prepare a mixed powder. Then, the mixed powder thus obtained is blended and granulated. The resulting granules are molded by application of pressure in a cylindrical form, after which the molded body is baked in an electric furnace at 1200.degree. C. for 6 hours. Next, to the sides of the sintered body thus obtained are applied glass paste consisting of 80 percent by weight of PbO type frit glass containing 60 percent by weight of PbO, 20 percent by weight of feldspar, and an organic binder by means of a screen printing machine in a ratio of 5 to 500 mg/cm.sup.2 followed by baking treatment Next both end faces of the element thus obtained are subjected to surface polishing and then an aluminum metallikon electrode is formed thereon, thereby obtaining a zinc oxide varistor.
However, since a zinc oxide varistor prepared by the aforesaid conventional method employed screen printing, a high resistive side layer was formed with a uniform thickness. This led to an advantage in that discharge withstand current rating properties did not largely vary among varistors thus prepared, whereas since the high resistive side layer was made of composite glass consisting of PbO type frit glass and feldspar, the varistor also had disadvantages as follows: the discharge withstand current rating properties were poor, and the non-linearity with respect to voltage lowered during baking treatment of glass, thereby degrading the life characteristics under voltage.